[Federal Register Volume 63, Number 17 (Tuesday, January 27, 1998)]
[Rules and Regulations]
[Pages 3804-3809]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-1863]



[[Page 3804]]

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FEDERAL RESERVE SYSTEM

12 CFR Parts 207, 220, 221 and 224

[Regulations G, T, U and X]


Securities Credit Transactions; List of Marginable OTC Stocks; 
List of Foreign Margin Stocks

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Final rule; determination of applicability of regulations.

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SUMMARY: The List of Marginable OTC Stocks (OTC List) is composed of 
stocks traded over-the-counter (OTC) in the United States that have 
been determined by the Board of Governors of the Federal Reserve System 
to be subject to the margin requirements under certain Federal Reserve 
regulations. The List of Foreign Margin Stocks (Foreign List) is 
composed of foreign equity securities that have met the Board's 
eligibility criteria under Regulation T. The OTC List and the Foreign 
List are published four times a year by the Board. This document sets 
forth additions to and deletions from the previous OTC List and the 
previous Foreign List.

EFFECTIVE DATES: Regulations G and U (12 CFR parts 207 and 221): 
February 9, 1998-March 31, 1998; Regulations T and X (12 CFR parts 220 
and 224): February 9, 1998-January 1, 1999.

FOR FURTHER INFORMATION CONTACT: Peggy Wolffrum, Securities Regulation 
Analyst, Division of Banking Supervision and Regulation, (202) 452-
2781, Board of Governors of the Federal Reserve System, Washington, 
D.C. 20551. For the hearing impaired only, contact Diane Jenkins, 
Telecommunications Device for the Deaf (TDD) at (202) 452-3544.

SUPPLEMENTARY INFORMATION: Listed below are the deletions from and 
additions to the Board's OTC List, which was last published on October 
27, 1997 (62 FR 55495), and became effective November 10, 1997. A copy 
of the complete OTC List is available from the Federal Reserve Banks.
    The OTC List includes those stocks traded over-the-counter in the 
United States that meet the criteria in Regulations G, T and U (12 CFR 
Parts 207, 220 and 221, respectively). This determination also affects 
the applicability of Regulation X (12 CFR Part 224). These stocks have 
the degree of national investor interest, the depth and breadth of 
market, and the availability of information respecting the stock and 
its issuer to warrant regulation in the same fashion as exchange-traded 
securities. The OTC List also includes any OTC stock designated for 
trading in the national market system (NMS security) under rules 
approved by the Securities and Exchange Commission (SEC). Additional 
OTC stocks may be designated as NMS securities in the interim between 
the Board's quarterly publications. They will become automatically 
marginable upon the effective date of their NMS designation. The names 
of these stocks are available at the SEC and at the National 
Association of Securities Dealers, Inc.
    In order to determine the loan value of stock and other collateral 
under Regulations G and U, lenders must be able to determine whether a 
particular stock is a margin stock,<SUP>1</SUP> a term which is 
currently defined to include OTC margin stock. The definition of OTC 
margin stock in Regulations G and U states that ``[a]n OTC stock is not 
considered to be an OTC margin stock unless it appears on the Board's 
periodically published list of OTC margin stocks.'' The OTC List 
provides the names of these stocks.
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    \1\ The equivalent term in Regulation T is margin security. 
Regulation X incorporates Regulations G, T, and U in section 224.3 
and therefore also incorporates the definitions in Regulations G, T, 
and U.
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    Pursuant to amendments recently adopted by the Board (see 63 FR 
2805, January 16, 1998) lenders subject to Regulation G will become 
subject to Regulation U on April 1, 1998 and Regulation G will be 
removed from the Code of Federal Regulations. Also on April 1, 1998, 
the definition of margin stock in the revised Regulation U will no 
longer include OTC margin stock and the definition of OTC margin stock 
will be removed from the revised Regulation U.
    With the extension of Regulation U on April 1, 1998 to cover 
lenders currently subject to Regulation G, and the elimination of the 
concept and accompanying definition of OTC margin stock in the revised 
Regulation U, lenders subject to Regulation U will no longer be bound 
by the OTC List published today. Instead, as of April 1, 1998, lenders 
subject to the revised Regulation U will be bound by the revised 
definition of margin stock, which continues to include ``[a]ny OTC 
security designated as qualified for trading in the National Market 
System under a designation plan approved by the Securities and Exchange 
Commission (NMS security).'' In other words, on April 1, 1998, all 
lenders subject to the revised Regulation U will no longer use the OTC 
List to determine whether an OTC stock is subject to the 50 percent 
loan value limitation when used as collateral for a purpose loan. To 
determine whether an OTC stock is subject to this limitation, a 
Regulation U lender will need to determine whether the stock trades in 
the National Market tier of the Nasdaq Stock Market. The names of these 
stocks are available at the SEC and at the National Association of 
Securities Dealers, Inc. and can also be determined by consulting the 
internet at http://www.nasdaq.com.
    Lenders subject to Regulation T and borrowers subject to Regulation 
X who are required under Sec. 224.3(a) to conform credit they obtain to 
Regulation T will continue to use the OTC List until publication of the 
next OTC List, anticipated for May 1998. The definition of OTC margin 
stock will be retained in Regulation T until January 1, 1999. The Board 
will cease publication of the OTC List at that time.
    Also listed below are the deletions from and additions to the 
Foreign List, which was last published on October 27, 1997 (62 FR 
55495), and became effective November 10, 1997. The Foreign List is 
used solely by lenders subject to Regulation T. A copy of the complete 
Foreign List is available from the Federal Reserve Banks.

Public Comment and Deferred Effective Date

    The requirements of 5 U.S.C. 553 with respect to notice and public 
participation were not followed in connection with the issuance of this 
amendment due to the objective character of the criteria for inclusion 
and continued inclusion on the Lists specified in 12 CFR 207.6(a) and 
(b), 220.17(a), (b), (c) and (d), and 221.7(a) and (b). No additional 
useful information would be gained by public participation. The full 
requirements of 5 U.S.C. 553 with respect to deferred effective date 
have not been followed in connection with the issuance of this 
amendment because the Board finds that it is in the public interest to 
facilitate investment and credit decisions based in whole or in part 
upon the composition of these Lists as soon as possible. The Board has 
responded to a request by the public and allowed approximately a two-
week delay before the Lists are effective.

List of Subjects

12 CFR Part 207

    Banks, Banking, Credit, Margin, Margin requirements, National 
Market System (NMS Security), Reporting and recordkeeping requirements, 
Securities.

12 CFR Part 220

    Banks, Banking, Brokers, Credit, Margin, Margin requirements,

[[Page 3805]]

Investments, National Market System (NMS Security), Reporting and 
recordkeeping requirements, Securities.

12 CFR Part 221

    Banks, Banking, Credit, Margin, Margin requirements, National 
Market System (NMS Security), Reporting and recordkeeping requirements, 
Securities.

12 CFR Part 224

    Banks, Banking, Borrowers, Credit, Margin, Margin requirements, 
Reporting and recordkeeping requirements, Securities.
    Accordingly, pursuant to the authority of sections 7 and 23 of the 
Securities Exchange Act of 1934, as amended (15 U.S.C. 78g and 78w), 
and in accordance with 12 CFR 207.2(k) and 207.6 (Regulation G), 12 CFR 
220.2 and 220.17 (Regulation T), and 12 CFR 221.2(j) and 221.7 
(Regulation U), there is set forth below a listing of deletions from 
and additions to the OTC List and the Foreign List.

Deletions From the List of Marginable OTC Stocks

Stocks Removed for Failing Continued Listing Requirements

ALLERGAN LIGAND RETINOID THERAPEUTICS, INC.
    $.001 par common
ALLIANCE IMAGING, INC.
    $.01 par common
AMERICA FIRST FINANCIAL FUND 1987
    Beneficial unit certificates
AMERICAN TELECASTING, INC.
    $.01 par common
AMSCAN HOLDINGS, INC.
    $.10 par common
BATTERY TECHNOLOGIES, INC.
    No par common
CAI WIRELESS SYSTEMS, INC.
    No par common
CATALYTICA, INC.
    Warrants (expire 10-31-1997)
CENTURA SOFTWARE CORPORATION
    $.01 par common
CHEMTRAK INCORPORATED
    $.001 par common
CINERGI PICTURES ENTERTAINMENT INC.
    $.01 par common
CYPROS PHARMACEUTICAL CORPORATION
    Class B, warrants (expire 11-03-1997)
EGEORGE FINANCIAL CORPORATION
    $.10 par common
ECOGEN INC.
    Warrants (expire 01-31-1998)
ELEK-TEK, INC.
    $.01 par common
FAULDING INC.
    $.01 par common
FFBS BANCORP, INC. (Mississippi)
    $.01 par common
FIRST BANKS, INC. (Missouri)
    Class C, 9% increasing rate
GARNET RESOURCES CORPORATION
    $.01 par common
GATEWAY DATA SCIENCES CORPORATION
    $.01 par common
GEOGRAPHICS, INC.
    No par common. Warrants (expire 06-01-1999)
GLASGAL COMMUNICATIONS, INC.
    Warrants (expire 09-21-1999)
GRAND UNION COMPANY, THE
    $1.00 par common
HOUSECALL MEDICAL RESOURCES, INC.
    $.01 par common
HYBRIDON, INC.
    $.001 par common
IITC HOLDINGS, LTD.
    Class A, no par common
INTERNATIONAL VERIFACT, INC.
    Redeemable Warrants (expire 01-05-1998)
INTERSTATE NATIONAL DEALER SERVICES, INC.
    Warrants (expire 07-22-1999)
KINETIC CONCEPTS, INC.
    $.001 par common
KS BANCORP, INC. (North Carolina)
    No par common
LTX CORPORATION
    13\1/2\% convertible debentures
MACHEEZMO MOUSE RESTAURANTS, INC.
    No par common
MAXCOR FINANCIAL GROUP, INC.
    Series A, warrants (expire 11-30-2001)
    Series B, warrants (expire 11-30-2001)
McMORAN OIL & GAS COMPANY
    Rights (expire 11-13-1997)
MERIDIAN POINT REALTY TRUST 83
    No par shares of beneficial
MICRO-INTEGRATION CORPORATION
    $.01 par common
MIDCOM COMMUNICATIONS, INC.
    $.0001 par common
MVSI, INC.
    Warrants (expire 08-15-2000)
NAL FINANCIAL GROUP, INC.
    $.15 par common
NEUROBIOLOGICAL TECHNOLOGIES, INC.
    $.001 par common
NIAGARA CORPORATION
    Warrants (expire 08-13-2000)
NUKO INFORMATION SYSTEMS, INC.
    $.001 par common
ON-GARD SYSTEMS, INC.
    $.001 par common
PENNICHUCK CORPORATION
    $1.00 par common
PREMIER LASER SYSTEMS, INC.
    Class A, warrants (expire 11-30-1999)
Q-ENTERTAINMENT, INC.
    No par common
REDWOOD TRUST, INC.
    Warrants (expire 12-31-1997)
REGENT BANCSHARES CORP. (Pennsylvania)
    Series A, $.10 par convertible
TRANSWORLD HEALTHCARE, INC.
    Warrants (expire 12-07-1997)
U.S. BANCORP (Minnesota)
    Series A, preferred stock
VENTURE SEISMIC, LTD.
    Warrants (expire 11-06-2000)
VIDEOLAN TECHNOLOGIES, INC.
    Warrants (expire 08-10-2000)
VIROGROUP, INC.
    $.01 par common
VISION-SCIENCES, INC.
    $.01 par common
WASHINGTON MUTUAL, INC.
    Series C, $1.00 par non-cumulative
    Depositary shares
WELCOME HOME, INC.
    $.01 par common
WELLCARE MANAGEMENT GROUP, INC., THE
    $.01 par common
WESTERN PACIFIC AIRLINES, INC.
    $.001 par common

Stocks Removed for Listing on a National Securities Exchange or 
Being Involved in an Acquisition

1ST UNITED BANCORP (Florida)
    $.01 par common
ACC CONSUMER FINANCE CORPORATION
    $.001 par common
ACCESS BEYOND, INC.
    $.01 par common
ADCO TECHNOLOGIES, INC.
    $.01 par common
AIRWAYS CORPORATION
    $.01 par common
ALL AMERICAN COMMUNICATIONS, INC.
    $.0001 par common
    Class B, non-voting, $.0001 par common
ALLIED CAPITAL ADVISERS, INC.
    $.001 par common
ALLIED CAPITAL COMMERCIAL CORPORATION
    $.0001 par common
ALLIED CAPITAL CORPORATION
    $1.00 par common
ALLIED CAPITAL CORPORATION II
    $1.00 par common
ALLTRISTA CORPORATION
    No par common
ALPINE LACE BRANDS, INC.
    $.01 par common
AMERICAN NATIONAL BANCORP, INC.
    $1.00 par common
AMERICAN RECREATION COMPANY HOLDINGS
    $.01 par common
ANDYNE COMPUTING LTD.
    No par common
ARBOR HEALTH CARE COMPANY
    $.03 par common
ARV ASSISTED LIVING, INC.
    No par common
ATCHISON CASTING CORPORATION
    $.01 par common
ATLAS AIR, INC.
    $.01 par common
BANK CORPORATION OF GEORGIA
    $1.00 par common
BDM INTERNATIONAL, INC.
    $.01 par common
BELMONT HOMES, INC.
    $.10 par common
BOWLIN OUTDOOR ADVERTISING & TRAVEL
    $.001 par common
BOX WORLDWIDE, INC., THE
    $.001 par common
BRANFORD SAVINGS BANK (Connecticut)
    No par common
CAIRN ENERGY USA, INC.
    $.01 par common
CALNETICS CORPORATION
    No par common
CAPITAL BANCORP (Florida)
    $1.00 par common
CB COMMERCIAL REAL ESTATE SERVICES

[[Page 3806]]

    $.01 par common
CENTRAL FIDELITY BANKS, INC.
    $5.00 par common
COMMUNITY BANK SYSTEM, INC. (New York)
    $1.25 par common
COMMUNITY CARE OF AMERICA, INC.
    $.01 par common
COMPUTATIONAL SYSTEMS, INC.
    No par common
COMPUTER DATA SYSTEMS, INC.
    $.10 par common
CYRIX CORPORATION
    $.004 par common
DATA DOCUMENTS INCORPORATED
    $.01 par common
DELCHAMPS, INC.
    $.01 par common
DOUBLETREE CORPORATION
    $.01 par common
ELEXSYS INTERNATIONAL, INC.
    $1.00 par common
ENDOVASCULAR TECHNOLOGIES, INC.
    $.00001 par common
EXIDE ELECTRONICS GROUP, INC.
    $.01 par common
FINANCIAL INSTITUTIONS INSURANCE
    $1.00 par common
FIRST FINANCIAL CORPORATION
    $1.00 par common
FIRST SOUTHEAST FINANCIAL CORPORATION
    $.01 par common
FIRSTPLUS FINANCIAL GROUP, INC.
    $.01 par common
FOREST OIL CORPORATION
    $.10 par common
GAME FINANCIAL CORPORATION
    $.01 par common
GATEWAY BANCORP, INC. (Kentucky)
    $.01 par common
GLASTONBURY BANK & TRUST COMPANY
    $2.50 par common
GREEN, A.P. INDUSTRIES, INC.
    $1.00 par common
GREENFIELD INDUSTRIES, INC.
    $.01 par common
GROUND ROUND RESTAURANTS, INC.
    $.1667 par common
GYNECARE INC.
    $.01 par common
HA-LO INDUSTRIES, INC.
    No par common
HAYES WHEELS INTERNATIONAL,
    $.01 par common
HEALTHDYNE, INC.
    $.01 par common
HOLLYWOOD PARK, INC.
    $.01 par common
HOMEGATE HOSPITALITY, INC.
    $.01 par common
HPR, INC.
    $.01 par common
INACOM CORP.
    $.10 par common
INFINITY FINANCIAL TECHNOLOGY, INC.
    No par common
INTERNATIONAL DAIRY QUEEN, INC.
    Class A, $.01 par common
    Class B, $.01 par common
INTERNATIONAL IMAGING MATERIALS, INC.
    $.01 par common
JACKSON HEWITT INC.
    $.02 par common
JEFFERSON BANKSHARES, INC. (Virginia)
    $2.50 par common
LB FINANCIAL, INC.
    $.01 par common
LEASING SOLUTIONS, INC.
    No par common
LINDSAY MANUFACTURING CO.
    $1.00 par common
MAGNA BANCORP, INC. (Mississippi)
    $.01 par common
MAGNETIC TECHNOLOGIES CORPORATION
    $.15 par common
MAIL BOXES ETC.
    No par common
MEDIC COMPUTER SYSTEMS, INC.
    $.01 par common
MELAMINE CHEMICALS, INC.
    $.01 par common
MODTECH, INC.
    $.01 par common
MOSINEE PAPER CORPORATION
    $2.50 par common
MUSTANG SOFTWARE, INC.
    No par common
NATIONAL HEALTH ENHANCEMENT SYSTEMS
    $.001 par common
NATIONAL PICTURE & FRAME COMPANY
    $.01 par common
NETWORK GENERAL CORPORATION
    $.01 par common
NFO WORLDWIDE, INC.
    $.01 par common
OFFSHORE ENERGY DEVELOPMENT
    $.01 par common
ORTHODONTIC CENTERS OF AMERICA INC.
    $.01 par common
PHONETEL TECHNOLOGIES, INC.
    $0.01 par common
PHYSICIAN SUPPORT SYSTEMS, INC.
    $.001 par common
PHYSICIANS HEALTH SERVICES, INC.
    Class A, $.01 par common
PITTENCRIEFF COMMUNICATIONS, INC.
    $.01 par common
POE & BROWN, INC.
    $.10 par common
PREMENOS TECHNOLOGY CORPORATION
    $.01 par common
PREMIER PARKS, INC.
    $.05 par common
PRIMARY BANK (New Hampshire)
    $.01 par common
PRONET, INC.
    $.01 par common
REXWORKS, INC.
    $.12 par common
ROBBINS & MYERS, INC.
    No par common
ROTECH MEDICAL CORPORATION
    $.0002 par common
SEAMAN FURNITURE COMPANY, INC.
    $.01 par common
SEQUANA THERAPEUTICS, INC.
    $.001 par common
SHO-ME FINANCIAL CORPORATION
    $.01 par common
SIRROM CAPITAL CORPORATION
    No par common
    $.01 par common
    Class A, $.01 par common
SULLIVAN DENTAL PRODUCTS, INC.
    $.01 par common
TECHNOLOGY SERVICE GROUP, INC.
    $.01 par common
    Warrants (expire 05-09-1999)
TECNOL MEDICAL PRODUCTS, INC.
    $.001 par common
THOMPSON PBE, INC.
    $.01 par common
TODHUNTER INTERNATIONAL, INC.
    $.01 par common
TRANSTEXAS GAS CORPORATION
    $.01 par common
TRIANGLE BANCORP, INC. (North
    No par common
TUESDAY MORNING CORP.
    $.01 par common
TYSON FOODS, INC.
    Class A, $.10 par common
USLD COMMUNICATIONS CORPORATION
    $.01 par common
VACATION BREAK U.S.A., INC.
    $.01 par common
VECTRA BANKING CORPORATION
    $.01 par common
    VBC Capital I Cumulative capital
VIEWLOGIC SYSTEMS, INC.
    $.01 par common
VIRGINIA FIRST FINANCIAL CORPORATION
    $1.00 par common
WALTER INDUSTRIES, INC.
    $.01 par common
ZYTEC CORP.
    No par common

Additions to the List of Marginable OTC Stocks

ACT TELECONFERENCING, INC.
    No par common
ADVANTICA RESTAURANT GROUP, INC.
    $.01 par common
    Warrants (expire 01-07-2005)
ALYDAAR SOFTWARE CORPORATION
    $.001 par common
AMERICAN BINGO & GAMING CORPORATION
    $.001 par common
AMERICAN EDUCATIONAL PRODUCTS, INC.
    $.05 par common
AMERICAN PHYSICIAN PARTNERS, INC.
    $.001 par common
AMERIPATH, INC.
    $.01 par common
AMSURG, INC.
    Class A, no par common
    Class B, no par common
AMVESTORS FINANCIAL CORPORATION
    Warrants (expire 04-03-2002)
APPLIED FILMS CORPORATION
    No par common
APPLIED MICRO CIRCUITS CORPORATION
    $.01 par common
ATLANTIC GULF COMMUNITIES CORPORATION
    A Warrants (expire 06-23-2004)
    B Warrants (expire 06-23-2004)
    C Warrants (expire 06-23-2004)
AVTEAM, INC.
    $.01 par common
BANK OF THE OZARKS, INC.
    $.01 par common
BARBEQUES GALORE LIMITED
    American Depositary Receipts
BAY BANCSHARES, INC. (Texas)
    $1.00 par common
BERINGER WINE ESTATES HOLDINGS, INC.
    Class B, no par common
BIGMAR, INC.

[[Page 3807]]

    $.001 par common
BIOANALYTICAL SYSTEMS, INC.
    No par common
BOREL BANK & TRUST COMPANY (California)
    $.01 par common
BRASS EAGLE, INC.
    $.01 par common
BRIGHT HORIZONS, INC.
    $.01 par common
BROUGHTON FOODS COMPANY
    $1.00 par common
C.H. ROBINSON WORLDWIDE, INC.
    $.10 par common
C3, INC.
    No par common
CANADA SOUTHERN PETROLEUM LTD.
    $1.00 par limited voting shares
CAPITOL BANCORP, LTD.
    $10.00 par trust preferred
CAPTEC NET LEASE REALTY, INC.
    $.01 par common
CASELLA WASTE SYSTEMS, INC.
    Class A, $.01 par common
CELLEGY PHARMACEUTICALS, INC.
    Warrants (expire 08-10-2000)
CFI MORTGAGE, INC.
    $.01 par common
COLORADO MEDTECH, INC.
    No par common
COLT TELECOM GROUP, PLC
    American Depositary Shares
COMMUNITY FIRST BANKSHARES, INC.
    Cumulative Capital Securities of CFB Capital II
COMPU-DAWN, INC.
    $.01 par common
CONCORD COMMUNICATIONS, INC.
    $.01 par common
CONNING CORPORATION
    $.01 par common
CONSOLIDATED CAPITAL CORPORATION
    $.001 par common
CRAGAR INDUSTRIES, INC.
    $.01 par common
CROSSKEYS SYSTEMS CORPORATION
    No par common
DENALI, INC.
    $.01 par common
DENTAL CARE ALLIANCE, INC.
    $.01 par common
DENTAL/MEDICAL DIAGNOSTIC SYSTEMS, INC.
    $.01 par common
EAST TELECOM GROUP PLC
    American Depositary Receipts
ECHOSTAR COMMUNICATIONS CORPORATION
    Series C, $.01 par cumulative convertible preferred
EDISON BROTHERS STORES, INCORPORATED
    $.01 par common
ELECTRIC LIGHTWAVE, INC.
    Class A, $.01 par common
ELECTRONIC PROCESSING, INC.
    $.01 par common
ENERGIS, PLC
    American Depositary Shares
ESG RE LIMITED
    $1.00 par common
EXCEL SWITCHING CORPORATION
    $.01 par common
FALLBROOK NATIONAL BANK
    $.625 par common
FAROUDJA, INC.
    $.001 par common
FINET HOLDINGS CORPORATION
    $.01 par common
FIRST ROBINSON FINANCIAL CORPORATION
    $.01 par common
FIRST SECURITYFED FINANCIAL, INC.
    $.01 par common
FLEXIINTERNATIONAL SOFTWARE, INC.
    $.01 par common
FOCAL, INC.
    $.01 par common
FORMULA SYSTEMS (1985), LTD.
    American Depositary Receipts
FRANKLIN BANK, NATIONAL ASSOCIATION
    Series A, noncumulative exchangeable preferred
FRANCHISE MORTGAGE ACCEPTANCE COMPANY
    $.001 par common
FRIENDLY ICE CREAM CORPORATION
    $.01 par common
GAMETECH INTERNATIONAL, INC.
    $.001 par common
GART SPORTS COMPANY
    $.01 par common
GENE LOGIC, INC.
    $.001 par common
GILAT COMMUNICATIONS, LTD.
    Ordinary Shares (NIS .01)
GOLD BANC CORPORATION, INC.
    $25 par preferred securities
GREAT PEE DEE BANCORP, INC.
    $.01 par common
HAYES CORPORATION
    $.01 par common
HEALTHWORLD CORPORATION
    $.01 par common
HERBALIFE INTERNATIONAL, INC.
    Class B, $.01 par common
HERITAGE FINANCIAL CORPORATION
    $.01 par common
HERLEY INDUSTRIES, INC.
    Warrants (expire 01-11-1999)
HOLT'S CIGAR HOLDINGS, INC.
    $.001 par common
HOMECAPITAL INVESTMENT CORPORATION
    $.01 par common
HURRICANEHYDROCARBONS, LTD.
    Class A, no par common
HYBRID NETWORKS, INC.
    $.001 par common
I.C. ISAACS & COMPANY, INC.
    $.0001 par common
ICOS VISION SYSTEMS CORPORATION
    No par common
IMAGEMAX, INC.
    No par common
IMAGING TECHNOLOGIES CORPORATION
    $.005 par common
IMPERIAL CREDIT COMMERCIAL MORTGAGE INVESTORS
    $.001 par common
INDIANA UNITED BANCORP, INC.
    Cumulative trust preferred securities
INFORMATION ADVANTAGE, INC.
    $.01 par common
INMARK ENTERPRISES, INC.
    $.001 par common
INNOVATIVE VALVE TECHNOLOGIES, INC.
    $.001 par common
INTERNATIONAL AIRCRAFT INVESTORS
    $.01 par common
INTERNATIONAL BRIGUETTES HOLDING
    $.01 par ordinary shares
INTERNATIONAL MANUFACTURING SERVICES, INC.
    Class A, $.001 par common
INTERNATIONAL SPORTS WAGERING, INC.
    $.001 par common
INTERVU, INC.
    $.001 par common
ITC DELTACOM, INC.
    $.01 par common
JAVELIN SYSTEMS, INC.
    $.01 par common
KSB BANCORP, INC.
    $.01 par common
LAMINATING TECHNOLOGIES, INC.
    $.01 par common
LANDMARK SYSTEMS CORPORATION
    $.01 par common
LET'S TALK CELLULAR & WIRELESS, INC.
    $.01 par common
LINC CAPITAL, INC.
    $.001 par common
LONG ISLAND COMMERCIAL BANK
    $3.00 par common
LYNX THERAPEUTICS, INC.
    $.001 par common
MADE2MANAGE SYSTEMS, INC.
    No par common
MAHONING NATIONAL BANCORP, INC.
    No par common, $1.00 stated value
MEDIWARE INFORMATION SYSTEMS, INC.
    $.10 par common
METROMEDIA FIBER NETWORK, INC.
    Class A, $.01 par common
METRONET COMMUNICATIONS CORPORATION
    Class B, non-voting no par common
MIDWAY AIRLINES CORPORATION
    $.01 par common
MMC NETWORKS, INC.
    $.001 par common
MONTGOMERY FINANCIAL CORPORATION
    $.01 par common
MOTOR CARGO INDUSTRIES, INC.
    No par common
MPW INDUSTRIAL SERVICES GROUP, INC.
    No par common
MYSTIC FINANCIAL, INC.
    $.01 par common
N2K, INC.
    $.001 par common
NAM TAI ELECTRONICS, INC.
    Warrants (expire 11-01-2000)
NANOPHASE TECHNOLOGIES CORPORATION
    $.01 par common
NEUTRAL POSTURE ERGONOMICS, INC.
    $.01 par common
NOVACARE EMPLOYEES SERVICES, INC.
    $.01 par common
NOVAMERICAN STEEL, INC.
    No par common
NRG GENERATING (U.S.), INC.
    $.01 par common
NYMOX PHARMACEUTICAL CORPORATION
    $2.00 par common
OAO TECHNOLOGY SOLUTIONS, INC.
    $.01 par common
OMNI ENERGY SERVICES CORPORATION
    $.01 par common
OUTSOURCE INTERNATIONAL, INC.
    $.001 par common
OYO GEOSPACE CORPORATION

[[Page 3808]]

    $.01 par common
PAPER WAREHOUSE, INC.
    $.01 par common
PAULA FINANCIAL
    $.01 par common
PEMBRIDGE, INC.
    No par common
PENNFED FINANCIAL SERVICES, INC.
    $25.00 par cumulative trust preferred stock
PENNFIRST BANCORP, INC.
    Cumulative trust preferred securities
PERICOM SEMICONDUCTOR CORPORATION
    No par common
PETROGLYPH ENERGY, INC.
    $.01 par common
POWER INTEGRATION, INC.
    $.001 par common
PRECISION AUTO CARE, INC.
    $.01 par common
PREVIEW TRAVEL, INC.
    $.001 par common
PRINCETON VIDEO IMAGE, INC.
    No par common
PRIORITY HEALTHCARE CORPORATION
    Class B, $.01 par common
PROGENICS PHARMACEUTICALS, INC.
    $.0013 par common
PRT GROUP
    $.001 par common
QUESTA OIL & GAS COMPANY
    $.01 par common
QUIGLEY CORPORATION
    $.0005 par common
REALNETWORKS, INC.
    $.001 par common
ROCK OF AGES CORPORATION
    Class A, $.01 par common
SIX RIVERS NATIONAL BANK (California)
    $5.00 par common
SKY NETWORK TELEVISION LIMITED
    American Depositary Shares
SNB BANCSHARES, INC. (Georgia)
    $1.00 par common
SOMNUS MEDICAL TECHNOLOGIES, INC.
    $.001 par common
SOUTHERN COMMUNITY BANCSHARES, INC.
    $.01 par common
SPECTRA-PHYSICS LASERS, INC.
    $.01 par common
SPIROS DEVELOPMENT CORPORATION II, INC.
    Units (expire 12-31-1999)
SPORTSLINE USA, INC.
    $.01 par common
STIRLING COOKE BROWN HOLDINGS LIMITED
    $.25 par ordinary shares
SUCCESS BANCSHARES, INC. (Illinois)
    $.001 par common
SUN BANCORP, INC. (New Jersey)
    $1.00 par common
T & W FINANCIAL CORPORATION
    $.01 par common
TEKGRAF, INC.
    $.001 par common
    Warrants (expire 11-20-2002)
TELIGENT, INC.
    Class A, $.01 par common
TELSCAPE INTERNATIONAL, INC.
    $.001 par common
TERA COMPUTER COMPANY
    $.01 par common
TIER TECHNOLOGIES, INC.
    Class B, no par common
TIMBERLAND BANCORP, INC.
    $.01 par common
TODAY'S MAN, INC.
    Warrants (expire 12-31-1999)
TOPRO, INC.
    $.0001 par common
TOYMAX INTERNATIONAL, INC.
    $.01 par common
TRANSCOASTAL MARINE SERVICES, INC.
    $.001 par common
TRANSIT GROUP, INC.
    $.01 par common
TRI-COUNTY BANCORP, INC.
    $.10 par common
TROPICAL SPORTSWEAR INTERNATIONAL CORPORATION
    $.01 par common
U.S. TIMBERLANDS COMPANY, LP
    No par common
U.S. VISION, INC.
    $.01 par common
UBICS, INC.
    $.01 par common
UNIDYNE CORPORATION
    $.001 par common
UNION COMMUNITY BANCORP.
    No par common
USWEB CORPORATION
    $.0001 par common
VARI-LITE INTERNATIONAL, INC.
    $.01 par common
VIRGIN EXPRESS HOLDINGS, PLC
    American Depositary Shares
VRB BANCORP (Oregon)
    No par common
WARWICK COMMUNITY BANCORP, INC.
    $.01 par common
WASHINGTON SCIENTIFIC INDUSTRIES, INC.
    $.10 par common
WHG BANCSHARES CORPORATION
    $.10 par common
WHITE CAP INDUSTRIES, INC.
    $.01 par common
WMF GROUP, LTD.
    $.01 par common
YOUNG INNOVATIONS, INC.
    $.01 par common
ZYMETX, INC.
    $.001 par common

Deletions From the Foreign Margin List

Australia

ARNOTTS LIMITED
    Ordinary shares, par A$0.50
BANK OF MELBOURNE LIMITED
    Ordinary shares, par A$1.00

Austria

CREDITANSTALT-BANKVEREIN AG
    Preferred shares, par 100 Austrian
CREDITANSTALT-BANKVEREIN AG
    Ordinary shares, par 1000 Austrian
CREDITANSTALT-BANKVEREIN AG
    Participation Certificates, par 500

Belgium

BBL (BANQUE BRUX LAMB)
    Ordinary shares, no par
POWERFIN SA
    No par participating certificates

Canada

LONDON INSURANCE GROUP INC.
    No par common

France

USINOR SACILOR
    Common shares par 40 French francs
WORMS ET COMPAGNIE SCA
    Registered shares, par 12 French

Germany

PWA PAPIERWERKE WALDHOF-ASCHAFFENBURG
    Bearer shares, par DM 50

Hong Kong

CHINA LIGHT & POWER COMPANY, LIMITED
    HK$5.00 par ordinary shares
KOWLOON MOTOR BUS COMPANY (1933) LTD
    HK$1.00 par ordinary shares

Ireland

WOODCHESTER INVESTMENTS PLC
    A Ordinary shares, par .20 Irish

Italy

BANCO AMBROSIANO VENETO SPA
    Non-convertible savings shares, par
BANCO AMBROSIANO VENETO SPA
    Ordinary shares, par 1000 lira

Japan

HOKKAIDO TAKUSHOKU BANK, LIMITED
    Y 50 par common
JAPAN SYNTHETIC RUBBER CO., LTD.
    Y 50 par common
SANYO SECURITIES CO., LTD.
    Y 50 par common
TOSHOKU LTD.
    Y 50 par common
YAMAICHI SECURITIES CO., LTD.
    Y 50 par common

Mexico

CIFRA, S.A. DE C.V.
    Series A Common, par .30 Mexican
CIFRA, S.A. DE C.V.
    Series B Common, par .30 Mexican

Norway

STOREBRAND AS
    Convertible preferred A shares, par

Philippines

AYALA CORPORATION
    Class B common shares, par 1
AYALA LAND INC.
    Class B Common Shares, par 1

Singapore

HAW PAR BROTHERS INTERNATIONAL LTD.
    Ordinary shares, par S$1.00
INCHCAPE BERHAD
    Ordinary shares, par S$0.50

Sweden

NORDBANKEN AB
    Restricted shares, par 12.50
SPARBANKEN SVERIGE AB (Swedbank)
    Series A, par 10 Swedish krona

Switzerland

ELEKTROWATT AG
    Bearer shares, par 50 Swiss francs

United Kingdom

COWIE GROUP PLC
    Ordinary shares, par 5 p
GRAND METROPOLITAN PLC
    Ordinary shares, par 25 p
GUINNESS PLC

[[Page 3809]]

    Ordinary shares, par 25 p
HARRISONS & CROSFIELD PLC
    Ordinary shares, par 25 p
MERCURY ASSET MANAGEMENT GROUP PLC
    Ordinary shares, par 5 p
REDLAND PLC
    Ordinary shares, par 25 p
TR CITY OF LONDON TRUST PLC
    Ordinary shares, par 25 p

Additions to the Foreign Margin List

Australia

TELSTRA CORPORATION
    Ordinary shares, par A$1.00

Austria

AUSTRIAN TABAK
    Ordinary shares, par 1000 Austrian

Belgium

UCB SA
    Ordinary shares, no par

France

FRANCE TELECOM SA
    Ordinary shares, par 25 French
USINOR SA
    Common, par 40 French francs

Germany

HOECHST AG
    Bearer shares, par DM 50

Hong Kong

CLP HOLDINGS, LIMITED
    HK$5.00 par ordinary shares
KMB HOLDINGS, LIMITED
    HK$1.00 par ordinary shares

Italy

BANCA INTESA SPA
    Ordinary shares, par 1000 lira
BANCA INTESA SPA
    Non-convertible savings shares, par

Japan

JSR CORPORATION
    Y 50 par common
RINNAI CORPORATION
    Y 50 par common

Mexico

CIFRA, S.A. DE C.V.
    Series V, no par common

Norway

STOREBRAND AS
    A Common Shares, par 5 Norwegian

Philippines

AYALA CORPORATION
    Common, par 1 Philippine peso
AYALO LAND, INC.
    Common, par 1 Philippine peso

Singapore

HAW PAR CORPORATION
    Ordinary shares, par S$1.00
INCHOAPE MOTORS, LTD.
    Ordinary shares, par S$.50

Sweden

FORENINGS SPARBANKEN AB
    Series A, par 10 Swedish krona
NORDBANKEN HOLDING AB
    Registered shares, par 12.50

United Kingdom

ARRIVA PLC
    Ordinary shares, par 5 p
CITY OF LONDON PLC
    Ordinary shares, par 25 p
DIAGEO PLC
    Ordinary shares, par 25 p
ELEMENTIS PLC
    Ordinary shares, par 25 p

    By order of the Board of Governors of the Federal Reserve 
System, acting by its Director of the Division of Banking 
Supervision and Regulation pursuant to delegated authority (12 CFR 
265.7(f)(10)), January 21, 1998.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 98-1863 Filed 1-26-98; 8:45 am]
BILLING CODE 6210-01-P